United States 12 Month Oil Fund, LP

United States 12 Month Oil Fund, LP (USL) is a publicly traded commodity pool that offers retail and institutional investors exposure to crude oil prices through shares traded on NYSE Arca. The fund holds long positions in light, sweet crude oil futures contracts and related petroleum commodities across major U.S. and foreign exchanges, with its net asset value designed to track the daily percentage changes in the spot price of crude oil delivered to Cushing, Oklahoma. USL generates returns for shareholders through the appreciation or depreciation of its oil futures holdings, combined with interest earned on cash collateral, offset by a 0.60% annual management fee paid to its general partner United States Commodity Funds LLC and various brokerage and operating expenses, with no cash distributions made to investors.